In another new development for cryptocurrencies, Samsung has announced that it will start accepting cryptopayments. This will be possible in three Baltic countries and is a result of Samsung’s new partnership with a payment platform CopPay.
Samsung Cryptopayments About to Arrive
Samsung, a well-known IT giant from Korea, has announced that it will now make cryptopayments possible. This marks a huge step in the right direction for the eventual mainstream adoption of cryptos and will be made possible through a strategic partnership with a platform CopPay.
Samsung cryptopayments adoption is expected to come in several stages, with the first one including the implementation of the cryptopayment system in only 3 Baltic countries. The official announcement regarding this came only yesterday, July 20. According to reports, there will be only a few stores, in the beginning, that will actually accept cryptos. Those include one in Riga, located in Latvia, one in Estonian Tallinn, as well as a few of them in Lithuania – in Kaunas, and Vilnius.
So far, the stores, or Samsung itself, have not yet said what exactly their expected results are supposed to be. However, we can probably assume that the number of sales will spike up, with many crypto enthusiasts being thrilled with the new possibilities.
The information released by CopPay indicates that the digital currencies that Samsung will accept at first will include a limited number of them. Those will be Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Ethereum (ETH), Steem, and Dash. This number of tokens, while small, will still provide an opportunity for many to start using them, which might indicate that Samsung believes that the mainstream adoption of cryptos is just around the corner. Whatever the case may be, Samsung is definitely not just waiting, and instead, it is leading by example.
Samsung cryptopayments seem to have been planned for a while now, and the crypto acceptance will not only be limited to its stores in the real world. Online stores are expected to start accepting cryptos as well, and this change is to come relatively soon. How soon, however, is currently unknown, since Samsung did not release any official deadlines as of yet.
As for CopPay, the platform stated that Samsung is far from being the only one interested in providing its customers with a cryptopayment option. A lot of other businesses are currently working on doing the same, and Samsung cryptopayments are only the first ones we have heard of as of yet.
The CopPay platform sees this as a growing trend, that will eventually lead to the digitalization of businesses. Customers will get a new way of paying for services and goods, and this will eventually even reach restaurants and retailers.
It is not unusual to see Samsung make this step, considering its involvement into blockchain research projects. It even dared to show an interest in cryptos. There were even announcements sometime ago, that the company will make its own crypto chips, which will allow it to enter the ASICS market. In the meanwhile, Samsung continues to develop a new system based on the blockchain tech, which it plans to use for shipment tracking.